All Forum Posts by: Mike Adams

Look into Real Property Management. Hope this helps!

Written notice with verbal confirmation, if possible.

Dear Tenant,

I wanted to inform you that we will be selling 123 Straight Street. We intend to list it with ABC Realty on January 1, 2022. Please note the following:

• We will give you 24 hours advanced notice of all showings. If you are willing to show faster, that would be appreciated.
• When a showing is scheduled, we prefer you leave the property so potential buyers can view and talk without interruption. You can step outside, go for a walk around the block, sit in the car, etc. Any animals should be crated or removed from the property.
• Hide or remove valuables, weapons, prescription medications, or anything that someone may be tempted to steal
• Your lease transfers with the sale. This means the buyer cannot force you to leave prior to [termination date]

If you have any questions or problems during this process, please reach out to me at [contact information]

Sincerely, 

The world's greatest Landlord

@Mike Adams usually these are 5arm 25 year am and they reset every five years with the choice to refi. usually the reset is libor plus 1. Commercial loans are great way to buy real estate. if you are bankable you can form a great relationship until you hit the limit.

I realize I am new to the investing in real estate and all, but I just wanted to share this as it helped me purchase my first rental property. I recently acquired a 2/1 for 49.9k with 10k down plus 1200 or so in closing costs here in Wichita, KS. My issue with the purchase was getting the finance for fixing or updating the house once the 13 year tenant moved out. She was looking for a place long before I took over but I did work with her. Once she moves out in December I will be able to update the property through my commercial loan. Here is the exciting part. I knew nothing of commercial loans before all this. I found out by talking to a commercial loan officer at a bank that I can use commercial loans for residential property. Here is where it got good for me. I was able to get a 25 year loan with a 5 year fixed rate at 4.25% ANNNNNDDD I was able to roll all the costs of updating the property into the loan but has to be done within the first 6 months of the purchase. I got an appraisal done and found the property is appraised around 82k. They loan up to 80% of the value being a little over 65k. So NOW I have about 25k to use for updating the property. The only thing is that I would do it myself but circumstances make me need to use a contractor. Bummer. Nonetheless still exciting. There you have it. My learning about commercial loans for residential purposes in a nutshell. Hope someone finds this helpful.

Mike...do you really nail your sheetrock in? And how does this story about painting the 1200 ft unit that you knocked out in four hours work? So that's laying out floor protection, doing trim, doing ceilings and wall (2 coats), and cleanup in 4 hours? Smell a lot like the fish that got away...

 Just giving an example.  As for sheetrock, yes, it's called proper sheetrock nail spacing and we use a nail gun. Nonetheless, I was giving you credit, not attacking you.